20th Nov 2006 07:02
Raven Russia Limited20 November 2006 Raven Russia Limited ("Raven Russia" or the "Company") Acquisition in St. Petersburg 20 November 2006 Raven Russia is pleased to announce that it has signed a further joint venturewith Aldama (Overseas) Ltd. for the development of a warehouse project in St.Petersburg. Raven Russia will acquire a 50% stake in the venture which owns the 5ha site onthe outskirts of St. Petersburg. The site is close to the 10ha site acquired bythe parties in July and nearby the St. Petersburg international airport. The plan is to develop 32,500m2 of Grade A logistics warehouses and offices. On current estimates, the joint venture expects the total funding cost of theproject to be approximately US$25.6 million, including land, construction andfinance. The investment has been made by the Company on the basis of theProperty Adviser's estimate that the yield on total cost to the joint venturewill be approximately 17%. Raven Russia intends to buy Aldama's share in thedevelopment joint venture once the project is built and let. It is anticipatedby the Property Adviser that the end value of this property will beapproximately US$35 million. The parties have already commenced discussions with prospective tenants for thesite. - ends - For further information:Jeremy CareyTavistock CommunicationTel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RAV.L